Energy Transfer Partners LP (ETP)

[Timothy Smith]

Adjusted EBITDA for the three months ended June 30, 2012 totaled $466.4 million, an increase of $78.2 million over the three months ended June 30, 2011. Distributable Cash Flow for the three months ended June 30, 2012 totaled $275.2 million, an increase of $51.9 million over the three months ended June 30, 2011. Net income for the three months ended June 30, 2012 totaled $123.8 million, a decrease of $32.8 million from the three months ended June 30, 2011.

Adjusted EBITDA for the six months ended June 30, 2012 totaled $1.0 billion, an increase of $143.0 million over the six months ended June 30, 2011. Distributable Cash Flow for the six months ended June 30, 2012 totaled $595.7 million, an increase of $35.3 million from the six months ended June 30, 2011. Net income for the six months ended June 30, 2012 totaled $1.25 billion, an increase of $846.1 million over the six months ended June 30, 2011. ETP's net income for the six months ended June 30, 2012 included a gain on deconsolidation and a loss on debt extinguishment which had a net favorable impact of $941.7 million on net income; neither of these were reflected in ETP's Adjusted EBITDA and Distributable Cash Flow for the period.